Artificial intelligence (AI) is a branch of computer science that deals with intelligent organisms, the AI in BFSI is used to create systems that can make automatic decisions, which is important in a data-rich work environment must be addressed and where decisions are made must be made quickly. AI can help automate decision-making processes, making them faster and more accurate. It can also help identify patterns and trends in the data, which can be used to make better decisions. In financial institutions and other major finance industries, AI has become a core adaption of every single business and is expected to change the overall scenario of service offerings. The BFSI market has looped into an AI-based solution for many traditional banking problems such as increased capital demand.
The increase in the demand for AI based security features and increase in preferences for personalized financial services are fostering the growth of artificial intelligence in BFSI market. The BFSI sector operates in an environment of rapidly evolving cyber threats. Traditional security measures often fail to protect against sophisticated attacks. The demand for AI-based security features is driven by the need for adaptive and intelligent solutions that can continuously analyze, detect, and respond to emerging threats in real time. In addition, rise in technological advancements such as in chatbots, robo-advisors for financial products, and smart wallets are some of the factors that fuels the market growth. However, lack of awareness and privacy concerns are major factors that hamper the growth of the artificial intelligence in BFSI market. AI in BFSI is prone to privacy and security vulnerabilities since it relies on data collection to respond to user questions. Building AI in BFSI apps with high privacy and security requirements, as well as monitoring mechanisms, will assist end-users gain trust in solution, which will lead to more chatbot usage over time. Contrarily, the emergence of fintech startups in the BFSI sector presents significant opportunities for the artificial intelligence in BFSI industry. Fintech startups leverage data analytics and artificial intelligence to deliver highly personalized artificial intelligence in BFSI services. They deliver customized recommendations, financial insights, and tailored solutions for individual users, increasing customer engagement and loyalty.
The artificial intelligence in BFSI market is segmented on the basis of offering, solution, technology and region. On the basis of offering, it is categorized into hardware, software, and services. On the basis of solution, it is classified into chatbots, fraud detection & prevention, anti-money laundering, customer relationship management, data analytics & prediction, and others. On the basis of technology, it is divided into machine learning, natural language processing, computer vision, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the artificial intelligence in BFSI market such as Amazon Web Services, Inc., Baidu, Inc., Google LLC, Intel Corporation, IBM Corporation, Microsoft Corporation, Oracle, SAP SE, Salesforce, Inc., and Palantir Technologies Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the artificial intelligence in BFSI market.
The increase in the demand for AI based security features and increase in preferences for personalized financial services are fostering the growth of artificial intelligence in BFSI market. The BFSI sector operates in an environment of rapidly evolving cyber threats. Traditional security measures often fail to protect against sophisticated attacks. The demand for AI-based security features is driven by the need for adaptive and intelligent solutions that can continuously analyze, detect, and respond to emerging threats in real time. In addition, rise in technological advancements such as in chatbots, robo-advisors for financial products, and smart wallets are some of the factors that fuels the market growth. However, lack of awareness and privacy concerns are major factors that hamper the growth of the artificial intelligence in BFSI market. AI in BFSI is prone to privacy and security vulnerabilities since it relies on data collection to respond to user questions. Building AI in BFSI apps with high privacy and security requirements, as well as monitoring mechanisms, will assist end-users gain trust in solution, which will lead to more chatbot usage over time. Contrarily, the emergence of fintech startups in the BFSI sector presents significant opportunities for the artificial intelligence in BFSI industry. Fintech startups leverage data analytics and artificial intelligence to deliver highly personalized artificial intelligence in BFSI services. They deliver customized recommendations, financial insights, and tailored solutions for individual users, increasing customer engagement and loyalty.
The artificial intelligence in BFSI market is segmented on the basis of offering, solution, technology and region. On the basis of offering, it is categorized into hardware, software, and services. On the basis of solution, it is classified into chatbots, fraud detection & prevention, anti-money laundering, customer relationship management, data analytics & prediction, and others. On the basis of technology, it is divided into machine learning, natural language processing, computer vision, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the artificial intelligence in BFSI market such as Amazon Web Services, Inc., Baidu, Inc., Google LLC, Intel Corporation, IBM Corporation, Microsoft Corporation, Oracle, SAP SE, Salesforce, Inc., and Palantir Technologies Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the artificial intelligence in BFSI market.
Key Benefits For Stakeholders
- The study provides in-depth analysis of the global artificial intelligence in BFSI market along with the current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the global artificial intelligence in BFSI market size are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global artificial intelligence in BFSI market from 2022 to 2032 is provided to determine the market potential.
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Key Market Segments
By Offering
- Hardware
- Software
- Services
By Solution
- Chatbots
- Fraud Detection and Prevention
- Anti-Money Laundering
- Customer Relationship Management
- Data Analytics and Prediction
- Others
By Technology
- Machine Learning
- Natural Language Processing
- Computer Vision
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Itlay
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Amazon Web Services, Inc.
- Baidu, Inc.
- GOOGLE LLC
- Intel Corporation
- IBM Corporation
- SAP SE
- Palantir Technologies Inc.
- Microsoft Corporation
- Salesforce, Inc.
- Oracle
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: ARTIFICIAL INTELLIGENCE IN BFSI MARKET, BY OFFERING
CHAPTER 5: ARTIFICIAL INTELLIGENCE IN BFSI MARKET, BY SOLUTION
CHAPTER 6: ARTIFICIAL INTELLIGENCE IN BFSI MARKET, BY TECHNOLOGY
CHAPTER 7: ARTIFICIAL INTELLIGENCE IN BFSI MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report titled, 'Artificial Intelligence in BFSI Market by Offering, Solution, and Technology: Global Opportunity Analysis and Industry Forecast, 2019-2026', the global artificial intelligence in BFSI market size was valued at $17,765.2 million in 2018, and is projected to reach $247,366.6 million by 2026, growing at a CAGR of 38.0% from 2019 to 2026.Artificial intelligence (AI) is illustrated by machines rather than natural intelligence displayed by humans. Intelligence in machines is programmed to think like humans and mimic their actions. In addition, machines are designed to rationalize and function like human mind, such as learning, planning, identifying patterns, problem solving, and decision making to achieve a specific goal. Therefore, it has become an essential part of technology in the BFSI industry. In financial institutions and other major finance industries, AI has become a core adaption and is expected to change the overall scenario of service offerings.
Utilization of various AI technologies such as deep learning, natural language processing, chatbots, and robo-advisors across financial products and services are some of the factors that fuel the market growth. In addition, proactive customer experience by automating backend process to reduce human error, reduction in fraud detection, and risk mitigation with advance technologies in artificial intelligence in BFSI industry, drive the market growth. However, higher cost for implementation of AI technologies, rise in security concerns, and inadequacy of trust while issuing customer data restrain the market growth. With new entrants in the FinTech (Financial Technology) industry, change in customer behaviour, initiatives in government regulations, and traditional banking system pose as opportunities for the market growth
On the basis of offerings, the software segment dominated the artificial intelligence in BFSI market in 2018. The software segment accounted for the largest revenue as software offerings benefit financial industries immensely to track transactions, verify data, generate reports, and extract information related to the customers. In addition, security and analysis of know your customer (KYC) process for verification are highly simplified by software tools, becoming a major artificial intelligence in BFSI market trends.
Depending on solution, the chatbots segment generated the largest revenue in 2018 and is anticipated to continue the same during the artificial intelligence in BFSI market forecast period. Chatbots provide banks and other financial institutions to quickly assist common customer queries, enhance on-boarding process, and improve effectiveness of sales. In addition, it includes cost-saving, reduces customer acquisition cost on a large scale and collects real-time feedback from customers in the market.
Key Findings of the Artificial Intelligence in BFSI Market:
The hardware segment is expected to be the fastest growing segment during the forecast period, in terms of value.
The U.S. dominated the North America artificial intelligence in BFSI market in 2018 and is projected to grow at a CAGR of 35.5% from 2019 to 2026.
In terms of revenue, the natural language processing segment accounted for the highest revenue in AI in BFSI market in 2018.
North America held largest artificial intelligence in BFSI market share in 2018 and is anticipated to remain dominant during the forecast period. The global artificial intelligence in BFSI market is growing in North America due to countries prioritizing technological advancements, with higher investments in artificial intelligence technologies, aiming at improving customer services and increasing revenue in their businesses. The key players operating in the global AI in BFSI market include as Alphabet Inc. (Google), Baidu, Inc., Inbenta Technologies, Inc., Intel Corporation, International Business Machines Corporation (IBM),Microsoft Corporation, Oracle Corporation ,Palantir Technologies Inc., SAP SE,salesforce.com, inc..Other players operating in the market are Lexalytics Inc., Digital Reasoning Inc., Interaction LLC, Inc., Ipsoft Inc., and Zest Finance.
Companies Mentioned
- Amazon Web Services, Inc.
- Baidu, Inc.
- GOOGLE LLC
- Intel Corporation
- IBM Corporation
- SAP SE
- Palantir Technologies Inc.
- Microsoft Corporation
- Salesforce, Inc.
- Oracle
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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